The retail market is constantly changing, modeled and influenced by new behaviors and new needs of shoppers, „We are seeing an industry facing new challenges – shoppers have multiple devices, they can buy through multiple platforms and this has reduced the dependence on a particular retailer,” said Céline Blanchot, EMEA Retail and CIT Marketing Manager from Glory Global Solutions company, a global leader in cash management solutions, whose partner in the market in Romania is ROPECO Bucharest.
In this mix of physical (brick and mortar) and digital stores (called figital), new technologies will force retailers to diversify their ways of selling products, expanding their assortment in the same commercial space, but also improve their services and one of the challenges for a retailer is, and will be, the cash management in stores.
Cash payments in stores does not indicate that type of payment will „die” very soon – 82% of consumers believe that cash payment should always be a payment option – it will resist, which is why automation of cash processes remains a very important aspect for retailers who want to increase their efficiency, improve cash security, reduce staff stress related to cash processing, and release time and resources to provide customers better shopping experiences.
„So when we imagine a world without cash, it’s just a beautiful vision, not a real one. Shoppers do not want to give up paying cash, and retailers must still secure money, introduce them into the system, and money management is often inefficient and expensive, „said Céline Blanchot.
Money is counted up to 10 times a day by retailers
„We estimate that cash is counted up to 10 times a day, with the error being 1% of total revenue, and some retailers can reach up to 20%. Automating cash operations can lead to significant reductions and savings for retailers, so they should consider introducing such a systems.
The human factor often obstruct the implementation of modern cash management and processing solutions because the resistance to change is very high. But with these solutions, retailers can save money, on the one hand and save time, on the other. Our solutions help retailers to focus more on the customer service, a very important thing for business.
Implementation of such a system has led, for example, to a chain of pharmacies, to cost reductions of two-thirds. French retailer Leclerc has also implemented cash management technologies, saving 30 minutes per day, per cashier, and two hours back office in money management. And other retailers such as Aldi, Auchan, Hornbach, Castorama, Praktiker or H & M are using our solutions,” Céline said.
Efficiency of cash processes in proximity stores and e-commerce
Proximity stores, discounters and e-commerce are the current stars in retail. „In proximity stores, with a small sized and a with few cash registers, customers make small but higt-frecvency shoppings with a basket of daily needs. Also, in this type of stores, staff are numerically reduced.
So, in order to increase the efficiency and the convenience of shopping customers, retailers have to adapt their cash register area and it is recommended to install self check-out cash registers (you can scan your own products and do the payment) or chiosk (automatic) payment. These systems release the employees in the store from certain tasks and now, they can focus on a better customer services, which ultimately leads to business growth.
Thus, not only the big box stores need to streamline their cash management processes. Also, for the e-commerce operations, there are two ways in which our cash management systems can meet and streamline the cash-on-payment process: when an online order is delivered, such an adapted system accompanies the delivery guys for cash payments, and the second is when for online orders, the payment is made to cash machines in the pickup area from a certain store , ” Céline said.
Efficiency also comes from back office systems
„Efficiency comes not only from the front office area where customers interact with cash machines, but also thanks to back office systems. When you automate the cash processes, you make type of cash (coins, banknotes) more efficient, unlock inventory staff wich prepare them for the bank and secure cash throughout all the process, until the bank,” Céline said.
Innovative solutions for cash management and cash processing
Such an automatic solution, proposed by Glory Global Solutions, is CashInfinity, the most cost-effective cash management system on the market, a system with remarkable flexibility and opportunities for retailers that fits any store, it does not matter the size, on different business segments and any investment plan.
The most important benefits of the CashInfinity solution are: reducing cash management costs (including optimizing currency requirements), cash flow optimization, process security, diminishing and even eliminating the risk of internal theft.
Retailers can try CashInfinity solutions ftom Glory in a pilot project with ROPECO Bucharest, the provider for Romania of these solutions
A pilot project with a retailer has an intermediate stage, an audit in which all the cash flow parameters are measured and how they are made, between what hours of the day, on what types of banknotes and coins to further configure the equipment.
The back-office equipment is stand-alone and works automatically, while front-office equipment, the one situated on cash registers area, must be integrated with the retailer’s software (ERP) through a light integration application through which cash is collected.
Then, there is a one-week training period provided by CashInfinity specialists from ROPECO Bucharest, which takes place in the store where the equipment is installed. And then, the pilot project is supervised by remote users via the application to support /assist store staff.
The CashInfinity solution will report and show throughout the usage process all cashflow parameters to manage the process more efficiently.
There are three ways to use CashInfinity’s front office equipment and solutions:
<> the customer comes with the shopping cart to a cashier, where the cashier scans the products and the customer makes the cash payment on his own
<> the customer comes with the shopping cart to a cash register and is assisted by the cashier to make cash payments to the equipment
<> the self-check out option, the one in which the customer scans his own products and also makes cash payments to the equipment
The solutions from Glory Global Solution, the leader in the global market for innovative cash management technologies with a market share of 41%, are promoted in Romania by ROPECO, the leading local provider of cash processing solutions and equipment, with a long history 25 years on the Romanian market.
This article is part of the CEE DIY retail category from www.bricoretail.ro B2B publication and bring together news, in english, from Central and East Europe related with DIY and home improvement retail.
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